Britain’s richest man is putting his house up for rent after struggling to sell it.

Steel magnate Lakshmi Mittal is looking for tenants for his ‘Summer Palace’ in Hampstead, North London.

With 11 bedrooms, 12 bathrooms and six reception rooms, a glass lift to a swimming pool, Jacuzzi and steam room, the property has failed to attract an offer close to the estimated £40million it was worth before the credit crunch hit.